U buys Orlando land for park plan
USRG pays $200 mil for 2,000 acres next to Mouse
Terms were not disclosed, but USRG is said to have paid more than $200 million for the site to former owner Lockheed-Martin Corp.
In a related deal, USRG resold a 230-acre portion to the Orange County, Fla., government for roughly $69 million, allowing for the expansion of the Orange County Convention Center.
U is in the middle of a $2 billion expansion of Universal Studios Escape -- as it recently rebranded its Florida resort -- that centers on a second gate park, Islands of Adventure.
Purchase comes two months after USRG acquired water park operator Wet 'n Wild, including its flagship Orlando site, and just prior to the February opening of CityWalk, a complex of 15 restaurants and 12 retail outlets.
USRG chief spokesman Jim Yeager said that contrary to local reports, which mentioned the development of two more theme parks, there were no definite plans for the 2,000-acre site.
"When you make a purchase of this size, you have to list with the county what you might want to do with it, but that reflects no firm plans," he said.
Yeager said the purchase brings U's central Florida acreage up to 3,000 (4.5 square miles). But that's still tiny compared with Disney's declared holdings of 42 square miles, and locals say the Mouse House in fact owns closer to 50 square miles.
